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Dr. Abdul Hafeez Shaikh has said that the country's Privatisation Program
was aimed at generating new job opportunities and for the benefit of the
common man. The Federal Minister for Privatisation and Investment was
addressing the agreement signing and handing over ceremony of Associated
Cement Rohri Company to the representative of the successful bidder National
Transport Company Syed Shoaib Khursheed here today. PC has so far realized Rs.
17 billion plus through privatisation process, including the sale of AC Rohri
in the first year of the government.
The Minister said that the Government was determined to accelerate the pace
of privatisation with utmost transparency and to bring in the efficient
private sector for the economic revival and growth, which would ensure
improvement in the quality of services through transfer of latest technology
by the professional private management. We would never sell our national
assets in haste and on throwaway price and there would be no compromise on our
national interests, he added.
He said that the announcement by the new buyer for reviving the unit and to
start its operation soon would give boost to the economic activity in the area
and it would provide job opportunities to around 250 individuals. The buyer
has completely paid the offered bid amount Rs. 255 million to PC on December
1, 2003.
The open bidding for the sale of the assets of Associated Cement Rohri
Limited, a unit closed for the past five years, was held on August 28, 2003.
The Unit was offered free from all liabilities and it received the highest
offer of Rs. 255 million from National Transport Company, Karachi, which was
approved by PC Board and CCOP respectively. PC had received 25 Expression of
Interest for the sale of the assets of Associated Cement (Rohri) Limited,
which has a production capacity of 270,000 Metric tones per annum.
The parties, which took part in the open bidding process for the sale of the
assets of Associated Cement Rohri Limited after depositing the earnest money
of Rs. 250 million were 1. A A Enterprises, Karachi, 2 Al-Hamza Ship Breaking
Company, 3. Bestway Cement Limited 4. D. G. Khan Cement Company, 5 Export
International, 6. Jamal-ud-din & company, 7. Meezan Ship Breaker, Kyc, 8.
National Transport Company, Karachi, and 9. Suresh Kumar & Brothers.
AC Rohri owns about 195. 3 acres of purchased land (which includes some
portion which are encroached). It also owns 24.45 acres of agriculture land
located in the vicinity. The plant is located on an area of about 36 acres. Of
the land under residential colony, 127 acres are well developed. All required
infrastructure facilities are also available on the site. The factory is
located 7 k.m. from Sukkur in the Sindh Province. The payment of the Golden
Handshake to its employees has already been finalized without any burden on
the buyer. The factory was closed down in 1999.